So, you may recall that our condo took about 10 months to sell (the new owner took possession last Sept). My worst case scenario was that we would be stuck with it and have to rent it out to cover the mortgage, taxes and condo fees. I was relived when it finally sold.
Anyhoodles, in the 5 years we lived there, we spend about $15k renovating the inside andother $5k on the outside, the condo fees progressively went from $192 to $430, then back down to $319 when we sold it, and the taxes were over $3500/year...not to mention that we paid over $20k in special assessments! Yeh, it was a money pit, the board were morons, and the management company were crooks...we were glad to be rid of it.
When we got the last big special assessment for $13k we were told by the management company that the work being done was part of a 5 year maintenance plan and that there would be no increases to condo fees or any special assessments for that same 5 year period...that was in Nov/08. Well, guess what? Turns out that ALL of the money we paid is GONE, only a few of the jobs were done, the management company isn't returning phone calls, the condo fees just got hiked up to $425, taxes are up another $150/year, and they were just served notice of a special assessment for $5500!
Apparently, the last condo association meeting spilled out into the common areas of the complex, lots of nasty things were said, threats...it was a bad scene. I am SO glad that we no longer have to deal with that. Sounds like a bunch of the residents are getting lawyers...big drama. I have never been so happy not to live there anymore! lol